Question

Write a note on the economic resources in the Arab world

Answer 1

The primary economic resource of the Arab countries is oil. Arab countries like Saudi Arabia, Iraq, UAE and Kuwait are some of the leading oil producing countries of the world. The prosperity of Arab countries is founded upon its oil wealth. In fact, apart from oil, the Arab countries have very little economic resource. Most of them are in the Arabian desert with little water resource. Hence, agriculture is not well developed in these countries. The desert environment also makes it difficult to establish industries. However, some Arab countries like UAE are trying to reduce their dependence on oil and diversify into other areas like financial services and tourism.